VOLPE MANAGEMENT: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
VOLPE MANAGEMENT
Largest movements
- Financial fixed assets +€393,333
new in 2025: €393,333
- Receivables after one year -€30,063
down €30,063 (-100%), from €30,063 to €0
- Tangible fixed assets +€29,924
up €29,924 (+18.7%), from €160,190 to €190,114
of which Land and buildings: +€32,503
- Cash -€28,929
down €28,929 (-54.2%), from €53,424 to €24,495
mainly Investment in fixed assets (net) (-€437,859) and Contributions, distributions and other (-€88,729)
- Receivables within one year -€28,076
down €28,076 (-97.3%), from €28,860 to €783
of which Other amounts receivable: -€23,576
- Debts after one year +€339,957
up €339,957 (+177%), from €192,170 to €532,127
- Profit (loss) carried forward -€68,728
down €68,728 (-100.0%), from €68,729 to €1
- Current portion of long-term debt +€43,566
up €43,566 (+416%), from €10,466 to €54,032
- Accrued charges and deferred income +€19,389
up €19,389 (+2,281%), from €850 to €20,239
- Tax, wage and social debts +€7,151
up €7,151 (+55.0%), from €13,010 to €20,160
of which Taxes: +€4,651
- Financial charges +€15,700
up €15,700 (+168%), from €9,359 to €25,059
- Gross operating margin +€10,941
up €10,941 (+15.5%), from €70,617 to €81,559
- Other operating charges +€7,900
up €7,900 (+460%), from €1,718 to €9,618
- Depreciation +€7,384
up €7,384 (+102%), from €7,218 to €14,602
- Financial income -€1,252
down €1,252 (-57.6%), from €2,173 to €921
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €293,474 | €642,597 | +€349,123 | +119% |
| Fixed assets | 21/28 | €160,190 | €583,448 | +€423,257 | +264% |
| Tangible fixed assets | 22/27 | €160,190 | €190,114 | +€29,924 | +18.7% |
| Land and buildings | 22 | €143,838 | €176,341 | +€32,503 | +22.6% |
| Furniture and vehicles | 24 | €10,849 | €9,298 | -€1,552 | -14.3% |
| Other tangible fixed assets | 26 | €1,360 | €4,476 | +€3,116 | +229% |
| Assets under construction and advance payments | 27 | €4,143 | €0 | -€4,143 | -100% |
| Financial fixed assets | 28 | - | €393,333 | +€393,333 | |
| Current assets | 29/58 | €133,283 | €59,149 | -€74,134 | -55.6% |
| Amounts receivable after more than one year | 29 | €30,063 | €0 | -€30,063 | -100% |
| Trade receivables | 290 | €30,063 | €0 | -€30,063 | -100% |
| Amounts receivable within one year | 40/41 | €28,860 | €783 | -€28,076 | -97.3% |
| Trade receivables | 40 | €4,500 | €0 | -€4,500 | -100% |
| Other amounts receivable | 41 | €24,360 | €783 | -€23,576 | -96.8% |
| Cash at bank and in hand | 54/58 | €53,424 | €24,495 | -€28,929 | -54.2% |
| Deferred charges and accrued income | 490/1 | €20,937 | €33,871 | +€12,934 | +61.8% |
| Total equity and liabilities | 10/49 | €293,474 | €642,597 | +€349,123 | +119% |
| Equity | 10/15 | €70,729 | €2,001 | -€68,728 | -97.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €68,729 | €1 | -€68,728 | -100.0% |
| Amounts payable | 17/49 | €222,745 | €640,595 | +€417,851 | +188% |
| Amounts payable after more than one year | 17 | €192,170 | €532,127 | +€339,957 | +177% |
| Financial debts | 170/4 | €192,170 | €532,127 | +€339,957 | +177% |
| Amounts payable within one year | 42/48 | €29,725 | €88,230 | +€58,505 | +197% |
| Current portion of amounts payable after more than one year | 42 | €10,466 | €54,032 | +€43,566 | +416% |
| Financial debts | 43 | - | €3,191 | +€3,191 | |
| Credit institutions | 430/8 | - | €3,191 | +€3,191 | |
| Trade debts | 44 | €6,249 | €6,476 | +€227 | +3.6% |
| Suppliers | 440/4 | €6,249 | €6,476 | +€227 | +3.6% |
| Taxes, remuneration and social security | 45 | €13,010 | €20,160 | +€7,151 | +55.0% |
| Taxes | 450/3 | €13,010 | €17,660 | +€4,651 | +35.7% |
| Remuneration and social security | 454/9 | - | €2,500 | +€2,500 | |
| Other amounts payable | 47/48 | - | €4,371 | +€4,371 | |
| Accrued charges and deferred income | 492/3 | €850 | €20,239 | +€19,389 | +2,281% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,218 | €14,602 | +€7,384 | +102% |
| Other operating charges | 640/8 | €1,718 | €9,618 | +€7,900 | +460% |
| Gross operating margin | 9900 | €70,617 | €81,559 | +€10,941 | +15.5% |
| Operating profit (loss) | 9901 | €61,682 | €57,339 | -€4,343 | -7.0% |
| Financial income | 75/76B | €2,173 | €921 | -€1,252 | -57.6% |
| Recurring financial income | 75 | €2,173 | €921 | -€1,252 | -57.6% |
| Financial charges | 65/66B | €9,359 | €25,059 | +€15,700 | +168% |
| Recurring financial charges | 65 | €9,359 | €25,059 | +€15,700 | +168% |
| Profit (loss) for the period before taxes | 9903 | €54,496 | €33,201 | -€21,295 | -39.1% |
| Income taxes | 67/77 | €13,010 | €13,200 | +€190 | +1.5% |
| Profit (loss) for the period | 9904 | €41,486 | €20,001 | -€21,485 | -51.8% |
| Profit (loss) for the period to be appropriated | 9905 | €41,486 | €20,001 | -€21,485 | -51.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.